News Column

Union Bank Returns to Profitability, Records N103 Billion Earnings

June 18, 2014

Bukola Ojeyemi

Union bank shareholders, yesterday, celebrated the massive growth of the bank as its gross earnings and that of the group increased by 4 per cent and 7 per cent, representing N121 billion and N103 billion respectively.

At the bank's 45th annual general meeting held in Lagos yesterday, its year 2013 financial report also revealed that operating expenses declined by 18 per cent for the group and 20 per cent for the bank, representing N60billion and N57billion.

The profit before tax for the group increased by 31% to N3.8billion, while profit before tax for the bank increased by 22% to N4.2billion from N3.4billion recorded in 2012.

Speaking at the annual general meeting, secretary of independent shareholders Mr Adebayo Adeleke commended the bank for returning to profitability, despite the crisis it suffered recently.

He urged the bank to create more revenue for different platform of advertisement to enable them regain their confidence back in the banking sector and make them realise their ambition of being a respected provider of quality of banking services.

He urged them to upgrade the bank-wide information technology infrastructure to enable them enhance service delivery and reliability and increase the customer touch points via electronic platforms such as ATMs, POS, Mobile and online banking to simplify the customer banking experience.

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Source: AllAfrica

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